Irwin Mitchell Team Advised On Job-Saving Transaction

The high profile deal which saw CovPress being acquired by fast-growing industrial group, Liberty House, has been named ‘Large Corporate Rescue of the Year’ at the recent Turnaround, Restructuring and Insolvency (TRI) Awards. 

CovPress, a professional metal stamping and robotic assembly specialist, is a Tier 1 supplier to, among others, Jaguar Land Rover, Renault and GM and Landis+Gyr.

Eddie Williams and David Dunckley of Grant Thornton, were appointed as administrators of CovPress in September 2016 and concluded a deal earlier this year which secured 740 jobs at the firm’s plant in Coventry and the first ever scheme rescue out of the Pension Protection Fund using an administration process.

The Birmingham office of Irwin Mitchell advised the administrators on the deal, led by Restructuring & Insolvency partner Stephen George, supported by Associate Amy Keogh, alongside Jon Bew and Natalie Barnes from the Banking & Finance team.

The team also received excellent support from the firm’s Pensions, Employment and Real Estate teams.

The Turnaround, Restructuring and Insolvency Awards are organised by Credit Strategy magazine. Celebrating excellence in the industry, the event took place on 19 October and was attended by 500 people.